What is an LLC? Do I need one for my small company? Do I need an LLC in my state? Do I need an LLC if I am using my home state as the filing entity? All of these questions will be answered here and more.
First, we will discuss what an LLC is. An LLC is a Limited Liability Company filed with the appropriate state. It allows for the sharing of a single kind of tax liability (the tax liability on the shares of stock in the business) between the business and the owner (the person who started the LLC). If you’re filing a Change of Address, this may change your business’ LLC status.
Do I need an LLC for my business? If your business grows significantly and your daily work requires a lot of driving, you might wish to consider an LLC. An LLC will help protect your own assets while also protecting your business assets from those of your competitors. If you file a Change of Address, your address and contact information will become the responsibility of your LLC, not your private residence.
Do I need an LLC if my condition does not require one? Most states won’t require an LLC. Your accountant will be able to help you in determining if you want one based on the type of business you have and your particular state’s laws. Some countries allow for one or partial incorporation of a business. Other states require you to form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your residence. For your LLC to have its own separate legal and fiscal records, you will need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the filing and maintenance of all the LLC’s documents. In other nations, the Secretary of State will manage these filings.
Do I need an attorney for my LLC? Like any legal formation, it’s extremely important that any individuals associated with your LLC are trustworthy and qualified. If you have kids or a spouse, you will need an lawyer that will assist you complete the forms and register the name of your business, as well as any alterations (name changes). While the most common reasons to form an LLC are to prevent state taxation and comply with tax laws, having a registered agent and a skilled attorney also allows you to protect your individual interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Running an LLC is a very complex and intricate job, and it requires the attention of a qualified accountant. When you file your documents with your state’s Secretary of State, he or she’ll provide you with a comprehensive list of who is authorized to make changes and who is responsible for completing them. While this sounds helpful, many accountants aren’t qualified to handle the intricate task of incorporating a business. The Secretary of State also has specific rules about who will represent the LLC, when filings are to be made, how they should be finished, and what fees are required.
Do I need an accountant for my LLC? It is dependent upon your state’s laws. Most states allow a sole proprietorship to incorporate as an LLC, but you have to incorporate as a corporation first, before it is possible to incorporate as an LLC. Regardless of the type of business you’re in, you need a qualified individual to help you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.